IAU vs. PHYS
IAU (iShares Gold Trust) is Gold fund tracking the LBMA Gold Price, while PHYS (Sprott Physical Gold Trust) is a stock. Over the past 10 years, IAU returned 11.76%/yr vs 10.92%/yr for PHYS. Their correlation of 0.94 suggests significant overlap in exposure.
Performance
IAU vs. PHYS - Performance Comparison
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Returns By Period
In the year-to-date period, IAU achieves a -4.73% return, which is significantly higher than PHYS's -6.30% return. Over the past 10 years, IAU has outperformed PHYS with an annualized return of 11.76%, while PHYS has yielded a comparatively lower 10.92% annualized return.
IAU
- 1D
- -1.87%
- 1M
- -8.82%
- YTD
- -4.73%
- 6M
- -8.68%
- 1Y
- 21.45%
- 3Y*
- 28.61%
- 5Y*
- 18.02%
- 10Y*
- 11.76%
PHYS
- 1D
- -2.06%
- 1M
- -9.29%
- YTD
- -6.30%
- 6M
- -10.24%
- 1Y
- 19.41%
- 3Y*
- 27.81%
- 5Y*
- 16.99%
- 10Y*
- 10.92%
IAU vs. PHYS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IAU iShares Gold Trust | -4.73% | 63.95% | 26.85% | 12.84% | -0.63% | -4.00% | 25.03% | 17.98% | -1.76% | 12.91% |
PHYS Sprott Physical Gold Trust | -6.30% | 63.95% | 26.43% | 12.98% | -1.81% | -4.84% | 23.89% | 18.14% | -2.64% | 12.78% |
Correlation
The correlation between IAU and PHYS is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Feb 26, 2010 | 0.94 |
The correlation between IAU and PHYS has been stable across timeframes, ranging from 0.94 to 0.99 - a consistent structural relationship.
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Return for Risk
IAU vs. PHYS — Risk / Return Rank
IAU
PHYS
IAU vs. PHYS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Gold Trust (IAU) and Sprott Physical Gold Trust (PHYS). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| IAU | PHYS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.10 | ||
| Sortino ratioReturn per unit of downside risk | +0.12 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.15 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 0.88 | 0.79 | +0.10 |
| Martin ratioReturn relative to average drawdown | 2.37 | 2.11 | +0.26 |
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Drawdowns
IAU vs. PHYS - Drawdown Comparison
The maximum IAU drawdown since its inception was -45.14%, smaller than the maximum PHYS drawdown of -48.16%. Use the drawdown chart below to compare losses from any high point for IAU and PHYS.
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Drawdown Indicators
| IAU | PHYS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.14% | -48.16% | +3.02% |
Max Drawdown (1Y)Largest decline over 1 year | -24.40% | -24.80% | +0.40% |
Max Drawdown (3Y)Largest decline over 3 years | -24.40% | -24.80% | +0.40% |
Max Drawdown (5Y)Largest decline over 5 years | -24.40% | -24.80% | +0.40% |
Max Drawdown (10Y)Largest decline over 10 years | -24.40% | -24.80% | +0.40% |
Current DrawdownCurrent decline from peak | -23.87% | -24.41% | +0.54% |
Average DrawdownAverage peak-to-trough decline | -15.97% | -21.00% | +5.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.07% | 9.22% | -0.15% |
Volatility
IAU vs. PHYS - Volatility Comparison
iShares Gold Trust (IAU) and Sprott Physical Gold Trust (PHYS) have volatilities of 8.10% and 8.13%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IAU | PHYS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.10% | 8.13% | -0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 24.23% | 25.01% | -0.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.38% | 28.34% | -0.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.18% | 18.55% | -0.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.98% | 16.36% | -0.38% |
Dividends
IAU vs. PHYS - Dividend Comparison
Neither IAU nor PHYS has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.99, IAU and PHYS move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
PHYS has higher volatility (8.13%) compared to IAU (8.10%). In terms of maximum drawdown, IAU dropped -45.14% vs PHYS's -48.16%.
IAU currently has the higher Sharpe Ratio (0.79 vs 0.69), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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